Analyst: Bitcoin's Phase Top Risk Rises if It Fails to Break $66,000 Effectively

BlockBeats News, July 19th, Glassnode's Chief Research Analyst CryptoVizArt posted that during Bitcoin's rebound from $57,000, a new round of chips shifted to new buyers in the $62,000 to $65,000 range, as shown in the Short-Term Holder Cost Basis Distribution Heatmap.

He believes that this structure has duality. On one hand, buyers actively accumulated chips during the uptrend, potentially forming a new cost base support, setting the stage for Bitcoin to further test the $66,000 and above levels.

On the other hand, this round of chip accumulation is more concentrated at the tail end of the local rebound. If Bitcoin fails to effectively break through $66,000, the market's risk of forming a phase top will increase. $66,000 is a short-term key level to assess the two scenarios mentioned above.